The chances of Champions League qualification have disappeared after just three wins in 2012, but Liverpool still have the chance to add to February's Carling Cup triumph, their first trophy for six years.

And despite coming up short in the Barclays Premier League, Gerrard believes two finals in one season will represent progress.

But first they have to get past Everton in tomorrow's semi-final.

"Everyone's frustrated with the league position, we won't hide that fact," the England midfielder said. "The simple facts are our league campaign hasn't been good enough.

"We're all frustrated and the players have under-delivered in the league, all of us.

"Not just the new signings, not just certain individuals, all of us have under-delivered in the league but we've done fantastically in the cups.

"We had three targets at the beginning of the season. One was top four and then we wanted to have two cup runs and I think we've done fantastically well.

"There's one more big hurdle to get over and to deliver two cup finals would be an unbelievable achievement.

"I think if this team, this squad, delivers two major cup finals in one season, it can turn the season into a success."

Everton may be in better form heading into the semi-final, but Gerrard believes Liverpool's successful trip to the capital in February gives them confidence.

"I think it will help us having been to Wembley. It was a lot of our squad's first experience of being there so that experience can only help us," he added.

"The Carling Cup run has helped us and given us a taste of Wembley and that is the reason why we have done so well in the FA Cup as well.

"I don't think we played well against Cardiff and I think some players will learn that sometimes when you go to Wembley you have to forget about the occasion and what is going on around you.

"We were maybe guilty of thinking about the occasion rather than the game."